RBI monetary policy: More autonomy for internal ombudsman

The RBI introduced the Banking Ombudsman Scheme in 1995

The Reserve Bank of India (RBI) announced that the internal ombudsman (IO) scheme will be strengthened and extended to all scheduled commercial banks that have 10 banking outlets or more, excluding rural regional banks. 

“The revised scheme seeks to enhance the independence of the IO scheme and reinforce the oversight on implementation, for further improving the quality of customer service within the bank,” said M K Jain, deputy governor, RBI. The central bank said that the revised instructions will be issued by end of September 2018. 

The RBI set up the IO scheme with a view to strengthening of internal grievance redressal